⭐ Merited by pooya87 (2)
and I believe that it's starting to encourage developers to build applications for "Bitcoin DeFi". That would probably be the biggest narrative that's coming in the current bull cycle.
Aging myself here, but does anyone else remember a time when DeFi was meant to accomplish disrupting legitimate industries such as notary services, remittances, etc? When did DeFi get butchered into meaning "Let's get fuckwits to trade worthless trash with each other"? I'd be supportive of such a narrative if we could get back to more noble pursuits. But it mostly just reeks of opportunism and exploitation. Is anyone building anything someone rational would care about?
It will be the same reason why humans gamble. Whether "Bitcoin DeFi" will have real utility or not, it will be the next Bitcoin narrative. "Bitcoin DeFi" developers will make giant "casinos" on top of Bitcoin to unlock dormant capital. Jihan Wu might be a big player in this.
it also showed is that there's a huge amount of dormant capital that was waiting for something like Ordinals to happen.
Unless we can find some solid evidence of the origin of the funds that went into these junks we can't call it "dormant capital". I'd say there are two main sources for the funds that pumped Ordinal's fake tokens: (1) dedicated money to attack Bitcoin (2) the same old altcoin/token traders who take their capital from shitcoin to shitcoin every single day to make profit. Like this: https://www.coingecko.com/en/all-cryptocurrencies?sort_by=change24h
Although debatable if the volume on recent Ordinals activity were truly from "dormant capital, but ser I'm also literally talking about the Bitcoins HODLed in those wallets that have never moved for years. I believe at some point, they will be used. But when? When Bitcoins is at $2 trillion total market value, $5 trillion? Human society and prospecting have always gone side by side in modern human history.